Rail Vision (RVSN) said Wednesday it signed a binding memorandum of understanding with Sujan Ventures to potentially supply safety systems for locomotives in the Indian market.
Sujan Ventures, a division of the Sujan Group, will lead projects to launch Rail Vision's safety systems in the country, Rail Vision said.
Rail Vision said that it will initially conduct a trial of its systems. After approval by Sujan Ventures' clients, the companies plan to proceed with a definitive agreement to develop a collaboration to position Rail Vision's technologies for inclusion in tenders and projects to improve rail safety in the country.
Sujan Ventures will make an initial upfront payment to Rail Vision, as well as additional payments upon the completion of certain milestones, Rail Vision said, without providing financial details.
Rail Vision shares were up 6.3% in recent trading.
Price: 0.94, Change: +0.06, Percent Change: +6.31
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